The banks are saying that we expect bankruptcy law-related losses will subside because of the rush to file. But the undertone of credit quality is worsening.

If you expect a refund, file early.

In 1998 I was allowed to look at the file. They tell you 'file' and you expect a folder with maps, documents, testimonies. What they showed me was a folder containing two or three worthless papers.

Taking the leap felt appropriate. Only it wasn’t just a short hop. It was a full plunge off a cliff.

I'll find out by September. I expect I'll break even when I do file.

Merrill saw the most pickup in traditional retail. Morgan Stanley still seems like the problem child.